Cloud bookkeeping services like Xero Accounting are great for all businesses, big or small, and are especially beneficial when combined with a professional accountant. In this article, we explore the benefits of Xero Accounting in detail, so you can gain a better understanding of how it’ll help your business.
Free Up Time
Xero Accounting can automate manual tasks, so you have more time to spend on core business needs. Instead of spending time entering data from paper bank statements, you can instead spend that time supporting clients or focusing on higher paid work.
Improve Your Invoicing
Move away from traditional paper invoices and instead go online, which is faster, cheaper and more effective.
Xero Accounting lets you invoice efficiently by allowing you to set up an automated invoicing system that sends invoices quickly, allows you to easily check which invoices have been paid and provides your customers with a variety of payment options. You’ll even be able to see whether they’ve opened it, and if it’s overdue, you can arrange for an automatic reminder email to be sent.
All in all, you’ll get paid faster, and you’ll spend less time chasing up on payments.
Track Income and Expenses
Keeping track of your cash flow isn’t always easy, but with Xero Accounting, it will be. Through automating your income and expense flow, you’ll see events right as they happen, which will better inform your understanding of your short-term cash flow and long-term profits.
Having the most reliable and up-to-date information will help you better understand your business. You can use the data to detect and remove unnecessary costs, which can help improve profit and revenue in your business.
Make Backing Up Easy
Manually backing up data can feel like a chore, but with Xero Accounting, it won’t be. The software automatically backs up your data, so you can spend your time focusing on other things instead.
There’s no need to dread tax time anymore – Xero Accounting can make it simple and stress-free. You won’t need to worry about missing deadlines or filing the wrong papers, because your accountant will help you sort that out.
Xero Accounting provides you with a single set of data that both your business and accountant can work with. That way, everyone is presented with updated, accurate data. As you can access the data remotely and from a variety of devices, you’ll be able to stay on top of your business finances no matter where you are or who you’re with.